As you begin to work on building your business it is important to take time to plan. Great ideas must be looked at from all angles…. financial, market analysis, supply resources, and more. It is important to develop a clear plan of action with structure enough to with stand busy days and flexibility to allow for the fast paced digital world
Identify your customer – Create a profile for your target market that includes demographics, buying habits, and the feelings and attitudes that make up what’s called psychodemographics. Create this profile as if it were an actual person, or avatar, and focus your efforts on marketing specifically to that person. This will assist with planning your marketing strategies. If your target audience does not read the newspaper it would be a waste of marketing dollars to advertise in the local paper no matter how inexpensive the ads are. This information will help you project the best places to market to customers.
Plan in Detail – Many times when people start a new business they have only vague idea of what it is and how it will operate. But to survive and thrive you need details spelled out as clearly as possible. Think about how your business should operate on a daily basis. How specifically will you meet your customers’ needs? Where will the profits to keep you going come from?
Be patient with this process. Small business owners must allow time to develop a business plan that provides clear structure.
Project for Growth– In your business planning and documentation be sure to allow room to grow. A successful business will evolve over time, and your small business plan must be able to sustain this change. Make each process scalable and write your documentation with your future growth in mind.
Creating an effective business plan can seem overwhelming for individuals starting out in the entrepreneurial world. There are many resources available to assist and support this process. Be sure to check with your regional and district small business adminstration offices. Another resource to assist with getting a good business plan established is Live Plan (aff. link) an online business planning software. Both these resources will get you off to a great start with the planning and projecting process.
Small Biz Classroom 